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• COUNCIL MINUTES OCTOBER 9, 2000 period was set aside, and public hearings scheduled. Staff has received 28 telephone calls and seven (7) letters, or 1% of the people who have been notified. The agreement is contained in Ordinance 14 — 00 which requires a public hearing and two readings. The public hearing was held on September 25, 2000 and the first reading and continuation of the public hearing is scheduled for the meeting tonight. The second reading is scheduled for October 23, 2000. Staff recommended the public hearing on Ordinance 14 — 00 be opened and continued to October 23, 2000. To approve, there must be two readings of the ordinance. Then the ordinance would need to be adopted and published before it goes into effect, which would be January 1, 2001. Mayor Bergeson noted the published time for the public hearing tonight is 7:00 p.m. However, it is only 6:45 p.m. He indicated the Council would consider Agenda Item 4A at this time and return to this matter after 7:00 p.m. FINANCE DEPARTMENT REPORT, AL ROLEK Public Hearing, Consider Resolution No. 00 — 98, Authorize i,.a° e in Tax Rate Increase for 2001, Al Rolek — Staff advised this is an informal public can _ has been notified and notice published. Staff explained that the Minnesota Leg at .ass a law during the 1999 legislative session which requires local governments to, hol s ;a pu hearing and adopt an authorizing resolution if the tax rate of the jurisdiction for gener. ► s, excluding general obligation debt, will increase for the coming year. This is calcul.. ed on formula prescribed by the Minnesota Department of Revenue. The prescribed formu creat a "theoretical" tax rate for the previous year and does not allow for growth in the city's b the= fore, except in rare instances, any increase in v1p+.,ly.cu general tax levy dollars will result in a t �; .`'ncrease for the coming year. Staff presented and provided ane chart identifying the City's tax rate calculation. It was explained that even if the oaa it reduces the tax levy to achieve no increase in the tax rate, as has been discussed, accor• • ,3 e p 'scribed formula, the tax rate for Lino Lakes will increase in 2001. Therefore, Counci ust at 5t the authorizing resolution. Should Council not adopt the resolution, the tax rate wi the same theoretical rate as in 2000, which would leave the City in a serious financial short sit ation for the 2001 budget year. Staff recommends that following the public hearing, the Council adopt Resolution 00 — 98 authorizing an increase in the tax rate for taxes collectible in 2001. Mayor Bergeson opened the public hearing at 6:52 p.m. Council Member Carlson moved to close the public hearing at 6:52 p.m. Council Member Dahl seconded the motion. Motion carried unanimously. In response to Mayor Bergeson, Mr. Rolek explained the resolution does not set a dollar amount or tax rate. It states the Council authorizes the County Auditor to set a tax rate higher than payable the previous year.